Eh, since this isn’t really a problem with the buddypress software… upgrading bp is not mandatory. But it is encouraged. Upgrading bp fixes bugs for you, and your users you didn’t even know existed! Especially if your still at 1.2.3. Eeek!

Upgrading your wp is more important, and I would strongly recommend you do, as it could fix your issue ^^ above, as well as security updates and other critical things.